Morningstar

Morningstar, Inc.

Equity Bottom-Up

PTC started as a computer-aided design software provider but over the years has expanded into product and service lifecycle management, or PLM and SLM, and more recently entered the burgeoning Internet of Things market. We believe the company has been able to cultivate a large and sticky customer base of approximately 28,000 global manufacturers, which supports its sustainable and profitable long-term position in the industry. With Internet of Things providing a new and exciting high-growth…

PTC reported a decent second-quarter result with the firm seeing particularly strong demand for its emerging "Internet of Things" business. Significantly, management noted that Internet of Things bookings surpassed both CAD and PLM bookings in the quarter and signifies PTC’s healthy positioning in the Internet of Things market. We believe PTC has a differentiated offering in the Internet of Things. Despite some short-term hiring and sales issues as noted by management in the quarter, we think…

United States

PTC Inc. develops and delivers technology solutions, comprised of software and services. The Company's technology is primarily used by discrete manufacturers to design, operate and maintain complex products. PTC's technology is also used to connect products to the Internet for purposes of capturing and analyzing information from them.

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